公用事业行业：新能源全面入市，存量增量分类施策

Investment Rating - The industry rating is maintained at "Overweight" [7][10][40] Core Views - The public utility sector has underperformed, with a weekly increase of 0.17%, lagging behind the CSI 300 index by 1.81 percentage points [2][13] - The carbon market remains low in trading volume, with a total transaction volume of 10,000 tons and an average price of 93 yuan/ton [3][20] - The Three Gorges Reservoir's inflow has increased week-on-week, while the water level has slightly decreased [4][23] - Domestic natural gas prices have slightly decreased, while international markets show mixed trends [5][27] - The introduction of comprehensive market-based pricing for renewable energy is expected to benefit green electricity companies in the long term [6][35] Summary by Sections Market Performance - The public utility sector's performance is ranked 26th among first-level industries, with sub-sectors showing varied performance: thermal power up 0.31%, hydropower down 2%, solar power up 4.51%, and wind power up 2.23% [2][13][14] Carbon Market - The national carbon market's total transaction volume is 6.32 billion tons, with a cumulative transaction value of 432.1 billion yuan [3][20] Water Resource Management - The average inflow at the Three Gorges Reservoir is 5,600 cubic meters per second, with a week-on-week increase of 17.72% [4][23] Natural Gas Prices - The national LNG ex-factory price is 4,263 yuan/ton, showing a week-on-week decrease of 0.28% [5][27] Renewable Energy Policy - The new policy aims to establish a market-driven pricing mechanism for renewable energy, with a target of over 40% renewable energy capacity by 2030 [6][35] Investment Recommendations - The report suggests focusing on thermal power leaders in regions with tight supply-demand dynamics and stable performance, as well as high-dividend water nuclear leaders [7][10][40]